I have spent the last few days reflecting on my business and my other interests in life. It is always necessary that once in a while you do an introspection of your life or your business. Put a question mark somewhere, as a question. Is this the best there is? Can it be better? Some things that we take for granted need to be laced with those question marks now and again.
The thing that has been bothering me was that I had planned that by the time I turn 40 years old. I would be at least holding an MBA or preferably, in particular, an MBL. I used to discuss with a friend (during our years at varsity) that I would really need to have that course and I still do, though somewhat with less vigour. The main reason that I did not enrol for an MBA has been primarily lacking funds and the most recently limited time. I keep on postponing this issue.
I have recently decided however to start learning the stuff that they learn at business school. I have self-taught myself many of the things that I know and I believe that I shall also teach myself the minimum that I been to know to run a business professionally. I have started reading some business books and some MBA books to help me learn.
We’ll let’s start with value creation as a business function. Every business needs to produce something of value if it has to survive. This thing needs to make people’s lives better. Although this is an obvious idea, you will be surprised by how many businesses seem to forget this.
The best businesses in the world are those who produce the most value for their customers. If a business forgets to create value or if it starts to regress and reduce the amount of value that it produces, the same business starts to fail.
My take on this concept is that we need to be a value producing machine as a business. We should never be complacent about this. If we reduce the quality of our work, we are basically reducing the amount of value that we are producing. Less value, means less revenue, less money.
Some businesses prefer to produce little value to many people while others produce lots of value to fewer people. No matter the business model that you follow, Value production is the answer. Produce more and more value and the market will reciprocate by paying you more. Produce better products and optimise your production to produce greater quantities of these products.
Produce Value ,more value and prosper!